Factors to consider before venturing into any business

[Kane]

If you want to do business the first question you should ask yourself is whether you have enough money or not. The second important factor to consider is if you have knowledge and skills. Once you have favourable answers, you can start doing market research.

 

[shakky2]

before venturing into any business you have to be considerate of the location by making sure that the location is the best and suitable one for your kind of business.also you have to consider the capital depending on what you have available.another point is being considerate of what to involve in

 

[MarieArie]

Starting a business can be a motivating idea especially for first-time entrepreneurs or employed individuals who are tired of the 8 am-5 pm job. It’s encouraging to start a business when you think about the freedom of not working 8-9 hours a day in a confined office, not having to report to a boss and the possibility of endless profit.

 

[Zevin]

Based on my experience, here is the breakdown on things you need before you start your business.
capital: If you do not have money, there will be no business.
Idea: you need an idea for your business, idea is what you want to do and how you will do
Skills: You have a business idea, you need to have skills needed to execute your idea
Knowledge: You need the required knowledge to handle your business.

 

[eenya001]

There are so many factors to consider when planning to venture into any business and it also depends on your location and your abilities also, because what works in another country might not work in your own country.

 

[Robrown83]

I really appreciate your write up about the factors to consider before venturing into any business. I believe the major is capital because there is no business you want to do without capital. Skill and other factors are follow to support the capital.

 

[Hdre3m3n]

Before starting a business, you must consider your
Mindset: it is important to understand if a business is actually structured to be semi-absentee.if your heart is set on having a home improvement business, you'll find that this type of venture leads it's self to the owner-operator business model, requiring full time commitment from the owner. Your finances is also important.

 

[LaylaG]

there are a lot of factors you should consider when you are going into a business and sometimes the most important factors for one to consider when going into a business is the location of the business because the location will determine if the business is willing to succeed or not
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there are a lot of factors you should consider when you are going into a business and sometimes the most important factors for one to consider when going into a business is the location of the business because the location will determine if the business is willing to succeed or not

 

[iamgroot]

Before making any serious decisions in life there are things one has to watch out for. Systems one has to put in place. This principle also applies to businesses. Before starting a business there are factors that need to be considered.

SKILL, MARKET AND CAPITAL.

SKILL
When you are in business, it's either you are selling a Service or a Product. If you are selling a product, iti s very important that you review it before you start. Is it of high-quality? Is it of market standard? Is it good enough? Is it ok for the market?All in all,is it something that you can confidently put out?When you are selling a service,you need to also ask yourself similar questions like"Am I skilled,or just Talented.

MARKET
This basically means your target audience, people who are interested in buying your products, services or skills in whatever venture you set out to do , here you do market testing, find out ways to improve your service delivery.

CAPITAL
Capital is one of the most important aspects of starting a business. It is the backbone and the foundation upon which the business is built. Even businesses that requires zero capital to build you still have to invest in knowledge. This is definitely a factor we cannot overlook. In short before you start a business make sure you have enough capital to start with so that you won't get stuck halfway.


If you have a few more insights feel free to share below.

Very informative thread. Those contents are big help to those who wants to build a business but dont know how to start. Specially the last part, capital serves as a gas in order for the business to run.

 

[Shannn11]

First gather informations on the interests and demands of your potential clients or customers in your community. You should also only venture on a business that you know you can handle so that you don't end up losing money.

 

[Zamaney]

Before making decisions here is what to be considered idea, knowledge, and market and demand.
Every business starts with an idea – a super duper idea that actually works. If you want your business to stand out, you will need to offer something that no one else has offered till date. Once you know what business you want to start, you will have to start gaining the required knowledge and expertise to start that business. Once you are sure of starting your business, your next step would be to explore the market or the demand for your product or service

 

[GIFTMICHAEL]

Exactly

All the above mentioned are very important criteria to consider before setting up a business. Understanding your market is a very crucial point to take note. This will give you a conceptual understanding about what possible value your services or products will create in the market. Also your capital will determine you’re business set up.

Exactly I really agree with you on this. Capital determine a lot in any business establishment. One of the foremost factor to consider is the capital. The money at hand will determine the kind of business you need to venture into.
To me capital should be the most important factor to consider.

 

[Bart Simpson]

This is a comprehensive list from you. The most important factor I think people should look at the most is the market. Prospective entrepreneurs are only focusing on products and leaving the market behind which is making them to venture into low profit business.

 

[Adetayo100]

Here is a checklist that will give you a list of factors to consider before starting a busines. A Business Idea Knowledge or Expertise Market or Demand, Start-up Cost, Capital and Finance, Competition.

 

[Modupe]

Before making any serious decisions in life there are things one has to watch out for. Systems one has to put in place. This principle also applies to businesses. Before starting a business there are factors that need to be considered.

SKILL, MARKET AND CAPITAL.

SKILL
When you are in business, it's either you are selling a Service or a Product. If you are selling a product, iti s very important that you review it before you start. Is it of high-quality? Is it of market standard? Is it good enough? Is it ok for the market?All in all,is it something that you can confidently put out?When you are selling a service,you need to also ask yourself similar questions like"Am I skilled,or just Talented.

MARKET
This basically means your target audience, people who are interested in buying your products, services or skills in whatever venture you set out to do , here you do market testing, find out ways to improve your service delivery.

CAPITAL
Capital is one of the most important aspects of starting a business. It is the backbone and the foundation upon which the business is built. Even businesses that requires zero capital to build you still have to invest in knowledge. This is definitely a factor we cannot overlook. In short before you start a business make sure you have enough capital to start with so that you won't get stuck halfway.


If you have a few more insights feel free to share below.

I love this piece of methods and
Ideas. I want to believe the business owner should have come up with a series business strategy and to kick start the business and the making it known to people.

 

[Jomarie05]

The factors to be considered such as the economic factor and also some social and environmental issues.Determine the capital, skill, products, location, etc that is needed to make the business a success.

 

[shakky2]

factors to consider before venturing into any business includes making sure to get your capital on ground and choose a suitable location for the kind of business you will be involving in.make sure you are sincere with yourself and discover of you are going for the right business

 

[Emma Aneni]

You made good point about factors to consider before venturing into business. Before venturing into any business you need to sit down and consider the requirements that is needed to make the business successful and see if it click with your personality.

 

[Damismiling]

Starting of business comes with pots of considerations so there are lots of factors to be considered such as the economic factor and also some social and environmental issues. All these being considered will prevent the business from having issues.

You are right, when most people here that there is money in a particular business, they all rush to that business, but that is a wrong motive of going into or starting any business, the business should be able to provide value and solution to problem

 

[Felixko]

There are many factors you need to consider before venturning into a business but the most important factor is the location of the business. The business should be located at the place that people are willing to buy and sell. Most people thinks business can be located at any place but if it is located at the wrong place that the goods that you are to sell is not in the people interest you can easily run into lost.